Essex County herald. [volume] (Guildhall, Vt.) 1873-1964, 1887-07-15

They raised cotton for the European
markets more particularly then than
now. They wanted no protection.
They claimed then, as now, that it
was prejudicial to their interests. So
soon as the tariff was adopted they |
commenced TO raise a storm. 1t
was this question that brought on
the unrivalled forensic combat be-
tween Webster and IIayne in the
Senate of the United States. The
war On the tariff eliminated in the
notification acts of 1885,, when South |
Carolina tried to go out of the
Union, and if we had not had that
brave old hero, Andrew Jackson, in
the presidential chair, instead of
Buchanan, it Is probable we would
have had the Rebellion in 1882 in
stead of 1861.
But the notification of South
Carolina frightened Clay, if it did
not Jackson. And now comes the
great error of Clay's life. 1t was
the compromise of the tariff in 1888
to appease the South. In fact, Clay
was guilty of two follies: The tariff
compromise and the Missouri com
promise. The modifying of the
tariff in 1924 was a virtual surrend-
er of all tariff for protection. 1t
: was tariff for revenue discriminate
ing against protection. Up to this
period the protective tariff had been
in operation for nine years, IN which
the revenue had paid our debts, the
expenses of the Government, and
had large surplus, which by act of
Congress was distributed among the
: several States.
Jan. |, 1884, the compromise
tariff went into operation, and soon
all business went to destruction. AS
t in the beginning of the operation of
y a tariff its effects cannot be easily
seen for three or four years, so with
the destruction of a protective tariff
- the national blight comes gradually
d but surely. The business, banks and
:, manufactures struggled manlully
1t through three years of gathering
< gloom, aided, however, by the mil
- lions of surplus revenue which The
~ national Government distributed t.
p the States. But the blight on al
is branches of business was visible
al like the gathering gloom Of thu
Of coming eclipse of the sun. 1t cul
re minated in 1887 in the suspension 0
= all of the banks Of the United State
$ the bankruptcy of nearly all bust
Or ness men, and the suspension 0
Or nearly AL factories. Real and per
d. sonal property deprecated in value
~ so that it was not worth one-fourjl
80 what it was at the date Of the com
;. promise. This was the neccssar
"a and direct result of the free trad
ry policy under the administration c
'r. Jackson and Martin Van Burcl
" The United States Treasury, whic
49, was overlooking under the rip
= fruits of the tariff Of 1924, was S
ng depleted and discredited under +,
w. Ter that he could not obtain h
III salary, but had to resort to I'll
raj brokers to sell his warrants on Il
NJ, Treasury at heavy discounts.
o oY,' But the suicidal policy of the fr'
trade party, which had brought Il
country from the pinnacle of pro
perity down to want and beggar
was swept away by political tor
ne ado in 1910, unparalleled in the hi
tory of political parties. 1t won
Oh seem that the lesson thus taught |
nj the people should have been a las
ne, ing lesson to all politicians. Wi
W. the incoming of the Wing admin
tration the Senate and House
1u- Representatives were also restore
os- to the control of the friends of Il
ed American system. In 1912, T.
EN- darkest period for American indr
It's try and prosperity we have ever G
me fenced, a new protective tariff W
ted enacted, a better one, in fact, tn
'on that of 1924. The effect was almC
Die, magical, confidence was again
pom stored. Extraordinary were the (
OF fects on manufacture, trade a
try commerce. Labor immediately pl
we cured employment. Our sails agi
as whitened all seas, and railroa
| a sprung into existence as by magic
'on- The modified tariff of 1916 W
re- not so radically free-trade as that
tol- 1888, consequently its blighting